China’s economy has a ‘steep hill to climb’ despite positive export surprise: HSBC

The Chinese economy still has a “steep hill to climb” despite a surprise pickup in exports and is unlikely to be bolstered by further fiscal stimulus, according to HSBC ‘s Chief Asia Economist Frederic Neumann. Exports in U.S. dollar terms rose by 0.5% year-on-year in November, defying expectations for a 1.1% decline among analysts polled by Reuters. However, imports fell in U.S. dollar terms by 0.6% over the 12 months, well below a consensus forecast of a 3.3% increase. Yet economists have noted that external demand is still relatively weak, and that policy support from Beijing that focuses on the…